Hewlett Packard Enterprise (HPE) has partnered with Tookitaki - a Singapore-based compliance solutions specialist for financial services - to provide the sector with enhanced anti-money laundering capabilities through artificial intelligence (AI) and machine learning technologies.
Delivered as-a-service via HPE GreenLake for Big Data, the offering aims to enable financial institutions to create a central big data platform capable of rolling out anti-money laundering solutions centred around data analytics.
The addition of GreenLake is designed to allow banks to leverage the “agility, flexibility and scalability” of cloud when deploying AI-optimised infrastructure platforms and solutions on-premises.
United Overseas Bank (UOB) - a Singapore-headquartered organisation with strong presence across Southeast Asia - is the first financial institution to leverage Tookitaki’s product via a GreenLake consumption model, prompting a wider roll-out across the region.
“Moving from a successful pilot to implementation with UOB is a testament to our collaboration with HPE to optimise machine learning-powered anti-money laundering solutions for financial institutions,” said Abhishek Chatterjee, co-founder and CEO of Tookitaki.
Through leveraging HPE and Tookitaki capabilities, UOB pioneered an AI-enhanced anti-money laundering system which concurrently applies two risk dimensions - transaction monitoring and name screening. UOB screens 60,000 account names monthly using the technology to determine whether they belong to individuals or entities on global regulatory watch lists.
The bank’s revamped system can now pinpoint higher-priority cases from more than 5700 average monthly suspicious transaction alerts flagged with the models used for name screening and transaction monitoring achieving 96 per cent prediction accuracy in the “high priority” category.
“Together with HPE’s deep domain expertise in big data as-a-service and developing solution blueprints to rapidly design and deploy AI solutions, our systems use a combination of distributed data-parallel architecture and machine learning to ensure scalability across multiple layers of technologies and systems,” Chatterjee added. “Banks are able to benefit from this collaboration by implementing high module accuracy systems to ensure they are staying compliant at a time when organisational growth and business continuity are crucial to success.”
Upon competition of the UOB pilot, both parties are now seeking to support other banks and financial institutions across Asia Pacific through an as-a-service model.
“By complementing Tookitaki’s expertise in regulatory compliance with our data analytics platform and our as-a-service offering, HPE GreenLake, we are able to seamlessly bring real world AI solutions that can yield business outcomes to our financial institution customers across the region,” said Khai Peng Loh, general manager of Asia Pacific Solution Sales at HPE.